Reciprocating compressors are positive displacement machines that are used for compression of gases in numerous industries like oil and gas, petrochemical, chemical, food processing and others. They are powered by electric motors or combustion engines to continually lower the volume of a confined gas. Reciprocating compressors offer advantages such as high efficiency, ease of maintenance and control. They find applications in increasing gas pressures for transmission pipelines, gas storage, CNG stations, manufacturing processes and others. The growing energy demand from various end use industries is propelling the need for compressed gases.
The reciprocating compressors market is estimated to be valued at US$ 5.72 billion in 2024 and is expected to reach US$ 7.8 billion by 2031, growing at a compound annual growth rate (CAGR) of 4.53% from 2024 to 2031.
Key Takeaways
Key players operating in the reciprocating compressors market include: Ariel Corporation, Burckhardt Compression AG, Atlas Copco AB, Howden Group, Siemens AG, Kobe Steel Ltd., General Electric, etc.
The Reciprocating Compressors Market Growth industrialization and urbanization in developing countries is boosting the demand for reciprocating compressors from various end use industries such as oil and gas, petrochemical, food processing etc.
Advancements in compressor technology such as development of smart compressors and compressors with integrated vacuum systems are expanding the application scope of reciprocating compressors.
Market Trends
Increased integration of IoT sensors- Compressors are being integrated with internet of things (IoT) sensors for remote monitoring of performance parameters. This enables predictive maintenance and reduces downtime.
Focus on energy efficiency - Manufacturers are developing superior lubricants and designs optimized for part load operation to enhance the energy efficiency of reciprocating compressors.
Market Opportunities
Uptake in gas transmission and distribution infrastructure- Growing natural gas demand especially in Asia Pacific will drive opportunities for reciprocating compressors used in gas transmission pipelines and city gas distribution networks.
Adoption in hydrogen fueling stations- Widespread establishment of hydrogen refueling stations for fuel cell vehicles and other mobility solutions will create opportunities for reciprocating compressors market.
Impact of COVID-19 on Reciprocating Compressors market growth:
The COVID-19 pandemic severely impacted the reciprocating compressors market growth globally. The manufacturing activities were halted during nationwide lockdowns across major economies to curb the spread of the virus. This disrupted the supply chain and logistics for procurement of raw materials as well as distribution of finished goods. The demand from end-use industries such as oil & gas, petrochemical, and manufacturing sectors witnessed a sharp decline due to reduced industrial and economic activities.
However, with relaxation in lockdown restrictions and vaccination drives, the market is gradually recovering since 2021. The demand is increasing from healthcare sector for oxygen generation using reciprocating compressors. The oil & gas industry is focusing on upcoming projects to meet rising energy needs. Meanwhile, the manufacturing sector is aiming to operate at full capacity. This is creating new expansion opportunities. Additionally, increasing natural gas trade and exploration of new reserves will drive the reciprocating compressors sales in coming years. Companies are investing in development of modified compressors with advanced controls and monitoring systems for critical operations.
Geographical regions with major market concentration:
North America holds the leading value share in the global reciprocating compressors market currently. It is widely used in various process industries and energy sector in the US and Canada. Europe is another prominent regional market supported by chemical, petrochemical and manufacturing industries. Asia Pacific region is expected to witness the fastest growth during the forecast period due to ongoing infrastructure development and industrialization in China, India, Indonesia and other Southeast Asian countries. Rising LNG trade between North Asian and South Asian nations is boosting the demand. Latin America and Middle East & Africa will also offer noteworthy opportunities for reciprocating compressor suppliers over the coming years.
Fastest growing region:
Asia Pacific region is poised to emerge as the fastest growing market for reciprocating compressors globally during the forecast period from 2024 to 2031. This can be attributed to increasing investments in new projects across major industries including oil & gas exploration and production, chemical & petrochemical manufacturing, refineries and power generation in developing economies of China, India, Indonesia, Vietnam and other Southeast Asian countries. Prominent players are expanding their manufacturing facilities and service networks in Asia to tap the burgeoning demand. Additionally, the region is witnessing rapid urbanization and infrastructure developments which will significantly drive the reciprocating compressors sales in both industrial and commercial sectors.
Get More Insights On- Reciprocating Compressors Market
Get This Report in Japanese Language: 往復動型コンプレッサー市場
Get This Report in Korean Language: 왕복 압축기 시장
About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc.
English
Arabic
French
Spanish
Portuguese
Deutsch
Turkish
Dutch
Italiano
Russian
Romaian
Greek